Trade.xyz Covers Liquidation Losses in SK Hynix Contract Price Anomaly
Trade.xyz, an operator of onchain perpetual markets on Hyperliquid, is covering liquidation losses tied to a price anomaly in its SK Hynix contract. The mark price fell from $1,127.90 to $917.25 at 23:01 UTC on Monday after a trade was relayed by multiple independent data providers.
The platform acknowledged that traders' frustration and described the reimbursement as a 'one-time discretionary decision.' It added that it would review how prices are formed during extreme market events, considering giving more weight to prices formed on its own order books.
The SK Hynix contract ranks among Hyperliquid's most active markets. On Wednesday, Hyperliquid data showed the contract had generated over $1.5 billion in 24-hour volume and held nearly $600 million in open interest at the time of writing.